Reported by Consejeros Editorial Team
US President Donald Trump said this weekend that he had decided to call off a new attack on Iran at the request of Gulf allies, as “the foundations for an agreement” had been laid.
Trump has avoided setting a deadline for reaching a hypothetical agreement and is opting for a diplomatic solution rather than the military escalation of recent weeks. The aim is to fully reopen maritime traffic through the Strait of Hormuz and curb Iran’s nuclear programme.
The analysis team at Renta 4 notes in its market opening commentary that this is an important step in light of “the concerns of the Gulf states, which fear that the resumption of US attacks against Iran could trigger an intense round of fighting and that an escalation of the war could lead the Houthis – Iran’s allies (who have intensified their conflict with Saudi Arabia in recent weeks) – to attempt to close the Bab al-Mandeb Strait. This is another strategic maritime route connecting the Red Sea with the Gulf of Aden and, ultimately, with the Indian Ocean”.
For its part, the daily report by analysts at Bankinter considers this to be a sign of military de-escalation in the short term following the tensions between the United States, Israel and Iran. They point out that “traffic restrictions in the Strait of Hormuz have caused market tensions, particularly in energy and bond prices, due to the risk of a global rise in inflation”.
The market reaction was immediate, with a fall of more than 7 per cent in the price of Brent crude (now at $82.8 per barrel) and US and European stock market futures on the rise (Eurostoxx 50 up bt 0.9 per cent).
